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Offshore Support Vessel Market size to exceed $66bn by 2024

  • Published Date: September 4, 2019

Offshore Support Vessel market will exceed USD 66 Billion by 2024, as reported in the latest study by Global Market Insights Inc.

Offshore support vessel market is anticipated to witness strong growth on account of growing focus subsea exploration activities leading to rapid expansion of deep-water projects. Increasing deployment of FLNGs and FPSOs platforms owing to their large storage capacity will complement the industry outlook in the coming years. In addition, the increasing investments toward offshore rigs has resulted in growing number of contracted rigs, which in turn will further boost the product demand. However, the growing environmental concerns associated with offshore exploration & production activities may slightly decline the product deployment.

Growing demand for drill ships and floating production units will foster the platform supply vessel industry growth over the forecast timeline. For instance, in 2019, ExxonMobil announced the crude oil discovery at the Yellowtail-1 well, offshore Guyana and an estimated recoverable resource of around 5.5 billion oil-equivalent barrels. In addition, the company announced that the field has the potential to deploy at least 5 FPSOs to produce around 750,000 barrel per day of crude oil at Stabroek Block, Liza field, Guyana by 2025.

Offshore Support Vessel market

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France offshore support vessel market revenue is anticipated to witness growth over 3% by 2024. Rising energy security concerns in line with government measures toward optimal utilization of the country’s existing hydrocarbon potential will augment the industry landscape.

LNG offshore support vessel facility is set to witness growth on account of rising applications of ecofriendly hydrocarbons with increasing environmental concerns. Adoption of stringent government reforms to minimize marine emissions will further stimulate the product deployment over the forecast timeline.

Browse key industry insights spread across 870 pages with 1600 market data tables & 10 figures & charts from the report, “Offshore Support Vessel Market Size By Vessel (Anchor Handling Tug Supply (AHTS), Platform Supply Vessel (PSV), Fast Support vessel (FSV), Multi-Purpose Supply Vessel (MPSV), Others), By Water Depth (Shallow Water, Deep Water), By Fuel (Fuel Oil, LNG) Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2017 – 2024in detail along with the table of contents:

U.S. offshore support vessel market is projected to witness robust growth owing to rising investments to enhance the production from ultra-deep oil wells. In addition, extensive availability of abundant untapped natural resources will further complement the industry growth. For instance, in 2019, BP Plc announced the crude oil discovery of around 1 billion barrels at the Thunder Horse field, Gulf of Mexico.

Multi-Purpose Supply Vessel (MPSV) is set to witness growth of over 4% by 2024. Offshore rescue, towing, field, unloading deck cargo, and tanker are few of the major support assistance parameters that will drive the product demand over the forecast timeframe. Furthermore, shifting focus toward increasing production of crude oil from ultra-deep offshore wells on account rising penetration of matured shallow water oil fields will positively influence the industry outlook.

Qatar market is set to witness gain of over 5% by 2024. Rising drilling activities coupled with growing investments toward development of new E&P projects will stimulate the business landscape. Growing demand for development of various LNG project to fulfil the surging energy demand will further fuel the industry growth.

Notable players across global offshore support vessel industry comprise of Seacor Marine, Bourbon, Swire, Farstad, Tidewater, Havila Shipping, Hornbeck, Maersk, Gulfmark, REM Maritime, Vroon, Siem, Chouset, Solstad, Edison, Island Offshore, and Harvey Gulf among others.

Global offshore support vessel market research report includes in-depth coverage of the industry with estimates & forecast in terms of Unit and USD from 2013 to 2024, for the following segments:

By Vessel

  • AHTS
    • Water Depth
    • Fuel
  • PSV
    • Water Depth
    • Fuel
  • FSV
    • Water Depth
    • Fuel
  • MPSV
    • Water Depth
    • Fuel
  • Others
    • Water Depth
    • Fuel

By Water Depth

  • Shallow Water
  • Deep Water

By Fuel

  • Fuel oil
  • LNG         

The above information is provided on a country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Norway
    • France
    • UK
    • The Netherlands
    • Germany
    • Russia
  • Asia Pacific
    • Singapore
    • Malaysia
    • China
    • India
    • Australia
  • Middle East
    • UAE
    • Saudi Arabia
    • Iran
    • Qatar
  • Africa
    • Nigeria
    • Egypt
  • Latin America
    • Brazil
    • Panama


Authors: Ankit Gupta, Aditya Singh Bais